Argentina’s Jujuy Province successfully wraps consent solicitation

Chicago, March 22 – Argentina’s Jujuy Province has received the requisite consents regarding its consent solicitation to amend its 8 5/8% notes due 2022 to be able to reduce the coupon and extend the maturity date of the notes, according to a news release.

Noteholders of $194,138,000 principal amount of the notes, or 92.45%, delivered consents to the statement by the deadline on noon ET on March 18.

Consents from eligible holders of 75% or more of the aggregate principal amount of notes outstanding were required to implement the amendments.

As consideration, the province issued $3,602,236 of new notes and paid $5,203,562.15 in cash as consent consideration.

As previously reported, the province was seeking to reduce the interest rate under an amended indenture to 5¼% until Sept. 20, 2021 and to 5¾% from Sept. 20, 2021 to March 20, 2022.

From March 20, 2022 to March 20, 2027, the new maturity date, the interest rate will now be 8 3/8%.

In addition, the province was seeking to amend the amortization schedule of the notes to nine equal semi-annual installments, expressed as a percentage of the aggregate principal amount of the notes on the settlement date including an aggregated payment-in-kind payable as a consideration upon consent.

The consideration was paid on March 19.

The aggregate principal amount of notes outstanding after the settlement date is $213,602,236.

BCP Securities LLC and Santander Investment Securities Inc. are the solicitation agents.

Global Bondholder Services Corp. (866 794-2200, 212 430-3774) is acting as the information and tabulation agent.

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